The clarion., 1887-11-02

through the whole argument runs a sub.
tie, but very effective, fallacy; which is
that the State has a right 10 fix its owr
terms of settlement. It has the polcel
TO do so, as / have just shown; but il
has not the right.
If it be true that the State received
in trust large fund from the United
States for specified purpose; if it be
| further true that the State either used
that money, or mixed it with its own
| business and lost it; or invested it inn
providently; or negligently failed to
collect it, and thereby lost it-in any or
all of these events, the State occupies
the attitude of delinquent trustee, and
mast submit to be judged as such. She
| can no more prescribe the principles OF
her accounting, than any other trustee
can so do. And yet throughout his
article the Senator has assumed that she
may do so; and even more wonderful to
say, when by her only representative
body, the Legislature, she refuses, as in
i the case of the Legislature OF 1886, over
which so much "linked sweetness, long
drawn out" is expended, to recognize a
debt seriously urged by honest and in
telligent citizens to be just, it is gravely
urged as an adjudication that no such
debt existed. 1t is as if adelinquent trus-
tee should undertake to establish his
freedom from responsibility for perver-
sion of a trust fund, by -oving that he
denied his responsibility. | say it is
"as fit was in fact, that very case.
1t was Just what every Legislature lex
cept that of 184S) did do, in effect, un-
til that of 1880; which very fact is one
of the reasons why the State was bound
to pay compound interest, as | think
she was.
WHAT WAS TIE FUND AND WHAT Be
CAME OF IT?
The fund consisted of, first, land
rents collected prior to the date lst Jan
uary, 1884, aggregating $20, 0,659.2O. On
the lst November, 1888, the thirty SIX sec
tions donated were sold, at the aggregate
price of $277, ,332.53, for which ten per
cent. notes were taken, payable In one,
two and three years, with security dp-
proUed by the State (that is, by the Audi
tor, through whom the State made the
sale). What evidence is there that such
was the fund?
Fiyst-as to the $40, $50 20 land-rents.
In IS4l, in letter printed on p. 425 of
the House Journal of 1S41, Auditor
Saunders specifies the items of the Sem
mary Fund. Amongst others, he states
i" Paid into State Treasury, SIG, ,439. :"
Senator George himself says, How that
money got there, | am unable 10 say,
since | can find no law prior to the act
of July 26, 1S43, which authorized pay
ment of any of the money (ercePt, per
hans, the rents) into the State Treasury"
Well, the rents was just what it was.
Gov. McRae, in his message OF 1886,
states it as fact that the books IN the
Office of the State Commissioner show
that prior to 1881 the State had receiv-
ed SS,402 of rents from the lands; and
the report of the House Committee, on
o. 644 of the Journal of 1848, shows
that 81, 4,22020 rents of Seminary lands
were paid into the treasury in 1888.
These rents of 1888, as shown by the
same report, were enormously paid to
Mississippi College, and in the act of
1848, as | shall show later, the State ac'
knowledged to owe them to the Univer-
sity. Now, then, what authentic data
have we? These:
Prior to 1881, shown by Com
missioner's book, rents....... s., 4O2 90
Paid in, in 1888, shown by Com
mittee's report. 4,22O ~
Remaining in Treasury in 184l,
money. ...................-.......- 10, ,439 W
1t is. therefore, almost certain that the
SIG, ,439. 90 was composed of the Sc, ,4O2O0
of rents collected prior to 1881, and OF
the rents of 1881 and 1882. The differ
ence between the two sums is 8,O39.O0;
and the fact that in 1888 about $4 900 90
of rents were collected, shows that that
was about the annual rental. Therefore,
| saw that we start out by the item of
land rents, of SIC, ,439.00, shown on
Saunders books to be on hand in 194l,
plus the $4,22000 mistakenly paid to
the Mississippi College in 1888, and re-
cognized by the State as debt in lo48;
making total of rents, of $2O, ,659.2O
.SecoadIu-as to the item of $277 1882 81
of proceeds in notes of land-sales; the
sum is given in Auditor Mallory's re-
port to the Legislature of 1886. 1t is
not questioned by Senator George. Thus
then. we start out with two items OF
Money in treasury from $50, ,659 q
Ten per cent. notes for lands,
approved Dy otate.'''''.:''''''-' 'oo--'o "
What became of it?
Frrst.-The rents remained in th'
treasury Except the sum paid to the
Mississippi College, as just stately; a
least | have seen no indication to thu
contrary.
iSecondly.-The land notes were to b.
collected, and the proceeds invested IL
stock of the Planters Bank. Such wa
the order of the Legislature. Th
amount actually invested in such stock
as shown by the House Journal for 1874
N 446 was as follows: